TradeStalker's
R.B.I. Trader's Update
7 / 21 / 2009
(Published Since 1996)
...............................................
Dateline: 6:33 pm eastern time, 7/21/2009
The ES opened up 5.25 points on Tuesday, but that early
strength reversed and we had a drop to 945.00 in short
order. That was at the 945.00-944.50 support area, and the
ES bounced to 951.75 and quickly reversed. That lead to a
drop to 939.50 on the ES, just a tick under the
940.25-939.25 key support, and the move was reversed. The ES
turned up and started a slow and choppy grind higher to the
947.75-948.00 area. There was only a small pullback, and it
caused a rally back to 954.00 just before settlement for the
futures.
On Tuesday we had trend-down action into early afternoon,
then after reversing from the 940.25-939.25 zone the market
started a choppy trend-up move. Despite the new highs on
this leg up, the internal gauges have gone into neutral
territory. Also, although the market rallied back to close
at the highs on the cash indices, the ES settled 3 ticks
under its open.
The market ended the day in uptrends, so on Wednesday we are
likely going to see early strength set up a shorting
opportunity. A pop up open just above the Tuesday highs that
reverses would set up that trade. Then, as long as the
947.50-946.75 initial support area on the ES holds on the
first decent pullback, the upside move should continue. If
that area is not held, then the 940.25-939.25 area is still
the major short term support. If the market gets back there,
and buyers do not step to the plate, then the charts will
begin a topping pattern.
September 2009 SP futures resistance
symbols: emini = esu9 / big contract =spu9
954.50-955.50
958.50-959.00
963.50-964.00
September 2009 SP futures support
symbols: emini = esu9 / big contract =spu9
947.50-946.75
940.25-939.25
937.25-937.00
933.00-932.75
September 2009 Nasdaq futures resistance
symbols: emini = nqu9 / big contract = ndu9
1544.75-1555.25
1560.50-1561.25
1566.75-1568.00
September 2009 Nasdaq futures support
symbols: emini = nqu9 / big contract = ndu9
1544.75-1544.00
1529.50-1528.25
1525.50-1524.50
1518.75-1518.00
September 2009 Dow futures resistance
symbols: emini = ymu9
8890-8894
8938-8942
8974-8978
September 2009 Dow futures support
symbols: emini = ymu9
8835-8830
8766-8762
8732-8728
8708-8702
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Good Trading,
Mike Reed
Copyright (c) 2009 by TradeStalker.com, Ft Wayne, IN.
TradeStalker Updates may not be redistributed without
permission.
This publication's primary focus is trading the index
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(DIA), and (DOG)
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